ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Should automobiles be produced using workers or robots?
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Should higher-income or lower-income people buy SUVs?
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Should we make faster microprocessors or pest-resistant corn?
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Should migrant workers or domestic workers be used to pick grapes?
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Detailed explanation-1: -economies answer the economic questions of (1) what to produce, (2) how to produce, and (3) for whom to produce.
Detailed explanation-2: -Economics is the study of the production, distribution, and consumption of goods and services. Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services?
Detailed explanation-3: -In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?
Detailed explanation-4: -All economies must answer basic questions like what goods and services to produce, how to produce these goods and services, and how to distribute the goods and services – using their scarce resources.